Landkom Scaling Back Ukrainian Agricultural Operations

Ukrainian wheat and oilseed producer Landkom International Plc has said it is cutting its Ukraine workforce by around 350 and halving the number of expatriate and UK-based staff. The move comes as "agricultural markets both in Ukraine and globally have sharply changed over the last six months," it says.

The firm said it was focusing its resources on its most fertile and profitable land, based around five core farms in the west of Ukraine.

This will involve retaining 75,000 hectares out of the current land bank of 115,000 hectares.

Ukraine grain and oilseed production soared in 2008 following favourable weather and a big increase in plantings to take advantage of record-high prices.